New IRS Mileage Rates

August 5, 2008

Finally some good news – especially with the outrageous price of gas right now, we are getting a bit of relief when behind the wheel – courtesy of the IRS! The IRS announced that effective July 1, 2008, mileage rates have gone up eight cents per mile for business, medical, and moving mileage. Check out the IRS website for the full scoop. Basically, business rates were 50.5 January 1 – June 20, 2008 and now they are 58.5 July 1 – December 31, 2008.